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Elliott Wave View: Pullback In Dow Futures (YM) To Find Support

Short term Elliott Wave View in Dow Futures (YM) suggest cycle from March 2020 low remains intact in a 5 waves impulse Elliott Wave structure. The 45 minutes chart below shows wave ((4)) of this impulse ended at 32891. The Index has turned higher in wave ((5)) with the internal unfolding as another impulse in lesser degree. It still needs to break above previous wave ((3)) peak at 35000 on May 10 peak to rule out a deeper correction. Up from wave ((4)) low, wave (i)) ended at 33380 and pullback in wave (ii) ended at 33289.

Index resumes higher in wave (iii) towards 33863 and dips in wave (iv) ended at 33627. Final leg higher wave (v) ended at 33962 which also completed wave ((i)). Pullback in wave ((ii)) ended at 33752. Index then resumes rally higher in wave ((iii)) towards 34240, and pullback in wave ((iv)) ended at 34133. Final push higher in wave ((v)) ended at 34411 which completes wave 1 in higher degree. The index is now correcting cycle from June 21 low in wave 2 before the rally resumes. As far as pivot at 32891 low stays intact, dips should find support in 3, 7, or 11 swing for more upside.

Dow Futures (YM) 45 minutes Elliott Wave chart

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